Doray Minerals (ASX:DRM) is fully-funded for the construction and development its wholly-owned Deflector Gold Project in Western Australia, less than a year after taking over former owner Mutiny Gold.
The Deflector timeline has open pit mining and underground mining commencing in the first half of 2016, with first production scheduled for mid-CY2016.
Funding includes a heavily oversubscribed placement raising $13.8 million, which has been completed.
Add to this a underwritten non-renounceable entitlement issue to raise $12.9 million, and then Westpac will provide corporate finance facilities including up to $65 million new debt funding for Deflector construction.
Deflector is a high-grade, gold-copper deposit with an initial mine life of six years and significant exploration potential.
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